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Shares of automobile and related companies were in demand in Monday s session with Nifty Auto index hitting an over two-year high, up more than 2 per cent, on expectation of double-digit earnings growth in the October-December quarter (Q3FY21), aided by robust volumes. At 02:20 pm, Nifty Auto index was up 2.14 per cent at 9,950 as compared to a 0.79-per cent rise in the Nifty50 index. The auto index hit an intra-day high of 9,970, its highest level since September 27, 2018. Thus far in the month of January 2021, the Nifty Auto index has outperformed the market by surging 8 per cent as compared to a 3.4-per cent rise in the Nifty50 index. ....
Nifty formed a small bearish candle with a long lower shadow on the daily chart in Thursday s session. The 50-pack index negated the formation of higher highs and lows of the last nine sessions. Defensive viz. FMCG, IT and pharma tend to do well during the corrective phase, but traders should maintain caution in the selection of the stocks as we’re seeing selective participation, said Ajit Mishra, VP - Research, Religare Broking. He also added, Indications are in the favour of some consolidation in the index and it would be healthy for the markets. Nifty has critical support at 13,350 and its breakdown may result in further correction ahead. In the case of a rebound, the 13,550-13,600 zone would act as a hurdle. ....